(Bloomberg) -- Moody’s Investors Service affirmed Colombia’s credit rating, citing the nation’s strong institutions.  

In a report Thursday, the agency reiterated the nation’s Baa2 score, the second-lowest level of investment grade, with a stable outlook.  

“During the first year of President Petro’s administration, institutional checks and balances have been at work, preventing a major departure from Colombia’s traditionally prudent policy management, allowing only for moderate changes in the country’s policy setting,” Moody’s said. 

Fitch Ratings and S&P Global Ratings both cut the country to junk in 2021. 

The stable outlook incorporates Moody’s expectations that “institutional arrangements will continue to play a stabilizing role”, particularly on the fiscal outlook. 

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